Page:Rivers, Canals, Railways of Great Britain.djvu/562

 company, another act was obtained in 1821, entitled, 'An Act to remove Doubts as to the Power of the Commissioners of Exchequer Bills to advance a further Sum of Money to the Regent's Canal Company, and to amend the Acts for making the said Canal.' By this act, which recites the sums already advanced by the commissioners to the company, the said commissioners are empowered to advance a further sum of £200,000 to the said company.

In the year 1827, the Commissioners authorized to issue Exchequer Bills, made an offer to the Regent's Canal Company of a compromise for the whole of the debt due from the canal company, if paid within a certain time, for a much less sum than it amounted to, which offer was complied with; and in order to avail themselves of so advantageous a proposal, a certain number of new shares were created, which produced the money required, and the debt was discharged accordingly.

These shares were taken by the proprietors in proportion to the number of old shares they held, and both kinds of shares now stand in equal value; for notwithstanding shares were selling at the time at £50 each, and the newly created offered at £30, yet as the new shares were offered only to the old shareholders, it had the effect of raising money to pay the debt by calls upon the stock.

Hence the company have now the power of dividing the whole nett proceeds of the work amongst the shareholders; and from its localities, circumscribing, as it does, a great portion of London, together with its other connections, there is the fairest prospect that it will become a very lucrative concern.

To have described the cassoon locks and other mechanical inventions made use of to save the expenditure of water upon this canal, would answer no purpose, as they have been exploded, and the usual and more simple means adopted.

The engineering department of this concern is under the direction of Mr. Morgan.